The overall value of cryptocurrencies has reached an all-time high of more than $2.7 trillion, thanks to optimism about digital assets fueled by Bitcoin’s surge to a new high.
According to data from tracker CoinGecko, it’s a jump of over $200 billion from the previous high in May for a sector that now includes around 10,000 currencies.
Following the debut of the first Bitcoin-linked exchange-traded fund in the United States, the ascension demonstrates how crypto bets are extending beyond Bitcoin amid excitement about the broader widespread acceptance of digital assets.
Ether, the second-largest cryptocurrency behind Bitcoin, climbed as much as 3.3 percent on Thursday, closing in on its all-time high of over $4,400 set in May.
According to research released Wednesday by Fundstrat, Ether, Solana, Polkadot, Tezos, and Binance Coin are all “near to their own breakouts” based on chart patterns.
Bitcoin reached a high of nearly $67,000 on Wednesday before falling below $65,000 around 7:15 a.m. London time on Thursday. The question now is whether the notoriously volatile asset will continue to rise or fall to speculator profit-taking.
A reversal would certainly sour morale in the crypto market as a whole, which saw its value plummet to $1.3 trillion in the middle of the year.
For the time being, a bullish mood reigns supreme. Pankaj Balani, the CEO of crypto-derivatives exchange Delta Exchange, believes Bitcoin will outperform other tokens this year and that the largest cryptocurrency will surpass $100,000 before the end of the year.